Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A monthly review of how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul>


A monthly review of how the markets and our themes are currently performing
Analysing what went wrong and what went right in stocks and sectors
Highlighting positions added or removed from the thematic investment portfolio


October Themes and Thematic Portfolio Review

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Welcome to the Weekly China Watch, where we examine the Chinese landscape through the lens of Western investors.</li><li>A month ago, flows into China surged following what seemed like a “whatever it takes” moment by Chinese authorities.</li><li>However, these flows have since dwindled, and markets are growing weary of the “headline hockey” or “briefing bingo” from Chinese authorities, who continue to throw around billions and trillions through eye-catching headlines.</li></ul>

Welcome to the Weekly China Watch, where we examine the Chinese landscape through the lens of Western investors.A month ago, flows into China surged following what seemed like a “whatever it takes” moment by Chinese authorities.However, these flows have since dwindled, and markets are growing weary of the “headline hockey” or “briefing bingo” from Chinese authorities, who continue to throw around billions and trillions through eye-catching headlines.

China Watch: This is NOT stimulus. It’s a debt swap!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.</li>
<li>We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.</li>
<li>We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).</li>
</ul>


Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.
We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.
We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).


Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

Commodities

<ul><li>Futures Trading is Booming - due to Weather Risks Agricultural futures and options closed Q3 with 10% growth compared to Q3 2023.</li><li>This surge was notably fueled by a record 1.6M ADV in August, marking a 19% increase in growth year over year.</li><li>Drought conditions in Brazil, poor weather in the Black sea, low river levels, increased fund participation and low cattle herd have traders turning to Agricultural futures and options as essential tools for managing risk.</li></ul>

Futures Trading is Booming - due to Weather Risks Agricultural futures and options closed Q3 with 10% growth compared to Q3 2023.This surge was notably fueled by a record 1.6M ADV in August, marking a 19% increase in growth year over year.Drought conditions in Brazil, poor weather in the Black sea, low river levels, increased fund participation and low cattle herd have traders turning to Agricultural futures and options as essential tools for managing risk.

The Cattle Cycle - Higher Prices for Longer?

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

<ul><li>Gold seen as a safe haven and store of value amidst diversification away from the dollar</li><li>Concerns about potential election outcomes and fiscal deficit driving urgency to own gold</li><li>Bullish outlook for gold and silver, with attendees predicting high prices in the near future</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Gold seen as a safe haven and store of value amidst diversification away from the dollarConcerns about potential election outcomes and fiscal deficit driving urgency to own goldBullish outlook for gold and silver, with attendees predicting high prices in the near futureThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: Gold gains as upcoming US election restokes the “debasement trade”

United States

Gold is a chemical element with the symbol Au (from Latin: aurum) and the atomic number 79. In its purest form, it is a bright, slightly reddish yellow, dense, soft, malleable and ductile metal. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements, and is solid under standard conditions. The metal therefore occurs often in free elemental (native) form, as nuggets or grains, in rocks, in veins and in alluvial deposits. It occurs in a solid solution series with the native element silver (as electrum) and also naturally alloyed with copper and palladium. Less commonly, it occurs in minerals as gold compounds, often with tellurium (gold tellurides).

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Gold (GOLD COMDTY)

October Themes and Thematic Portfolio Review

This insight was Incorrectly titled September review while it is a review of markets and themes for October including HK/China, Japan, India,...

Rikki Malik

China Watch: This is NOT stimulus. It’s a debt swap!

Welcome to the Weekly China Watch, where we examine the Chinese landscape through the lens of Western investors. A month ago, flows into China...

Steno Research

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX $QQQ $NDX $IWM; Bitcoin and Silver Breaking Out $IBIT $SLV. Pullbacks =...

Vermilion Research

The Cattle Cycle - Higher Prices for Longer?

Futures Trading is Booming - due to Weather Risks Agricultural futures and options closed Q3 with 10% growth compared to Q3 2023.

The Commodity Report

Global Commodities: Gold gains as upcoming US election restokes the “debasement trade”

Gold and silver are seen as safe haven investments amidst diversification away from the dollar, with a bullish outlook for both metals despite...

At Any Rate

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)